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<p>The  Hong Kong Monetary Authority is HK's 'central bank'. </p><p>It maintains a peg for the HK dollar against the USD, since 1983, </p><ul><li>trades within a range of 7.75 to 7.85 for USD/HKD</li></ul><p>Head of the HKMA  Eddie Yue:</p><ul><li>currency peg "is actually doing Hong Kong great in terms of providing the needed exchange rate stability, especially through the cycles and during periods of uncertainty"</li></ul><ul><li>It would be up to the government, through fiscal policies, to stimulate economic growth while the HKMA would focus monetary policies on steadying the Hong Kong dollar against the greenback. </li><li>Interest rate hikes would not hurt borrowers, particularly those with mortgages as the default ratio was low at 0.05% and loan to deposit ratios are on average only 50%</li></ul><p>Yue spoke with<a href="https://www.cnbc.com/2022/11/01/hkma-chief-defends-currency-peg-says-it-brought-stability.html" target="_blank" rel="nofollow"> CNBC, link for more. </a></p><p>Like just about everywhere else the HKD has been under pressure against the USD:</p>

                This article was written by Eamonn Sheridan at forexlive.com.